Dow wipes out all the gains since Trump's election

[sabra]

Source: CNBC

President Donald Trump has long pointed to the stock market’s success under his administration as a tangible endorsement of his economic policies and had often boasted about the Dow Jones Industrial Average’s gains since his election. That was, of course, before investors knew about the new coronavirus.

With COVID-19 and measures to contain its spread seeding economic angst across the globe, the Dow’s steep drop on Monday pushed the 30-stock index below the level where it closed on Nov. 8, 2016, the day Trump won the 2016 election over Democrat Hillary Clinton.

The sell-off is part of a historic market meltdown that has sent the Dow down nearly 40% since last month.

Dow Industrials fell 841.24 points, or 4.39%, to trade below its close on Election Day 2016 at 18,332.74. The sell-off on the week’s first day of trading put the index down more than 38% from its all-time high notched in February. The S&P 500 was more than 30% below its February high by Friday’s close.

Read more: https://www.cnbc.com/2020/03/23/dow-loses-all-gains-since-trumps-election-down-nearly-40percent.html

---

[ck4829]

1. Maybe our economy isn't built from the labor of golden parachute jumpers and trust fund babies

But from the labor of “unskilled workers”. They stay home, they get anxious... look at what happens.

Just a thought.

[gibraltar72]

2. Almost every day is a no confidence vote.

[DinahMoeHum]

6. . . .and a big fat middle finger to Trump and the GOP.

#newrostrong

[honest.abe]

3. This will damage Trump with his GOP base more than anything else.

I will gladly sacrifice my 401K to remove the Orange Buffoon.

[bucolic_frolic]

4. It's not fear and uncertainty out there

it's outright terror

The price of everything is in doubt. Corporations without cash flow, workers without paychecks, governments with diminished revenue all relying on the Fed to print and the Feds to disburse. A health care system with unknowns, overwhelmed. This pandemic crisis ranks with the best disruptions of the ages. The Plague as well as European uncertainty during World War I come to mind, and the fluidity of Czarist Russia and the succession of governments during the same time period. No one knows where this leads right now, and they won't until they have some concept of how long, how deep the pandemic. Civilization will be stressed.

[Yavin4]

7. This is why direct cash to the public makes the most economic sense right now.

Stop with the qualifiers and get the money directly to the people. They will spend us into recovery.

The GOP wants to give it to their donor base first which will slow down the recovery because it's inefficient.

[gibraltar72]

8. Thus the panic

no leadership no answers. People assume the worst Governors have gotten such a shitty deal.

[cstanleytech]

5. Seeing as he was taking credit when it was doing good 2 months ago will he take it now?

[sandensea]

9. His Hate Radio surrogates are on it

They're blaming this on a conspiracy - variously described as coming from China, Soros, Bill Gates, the Illuminati, Bigfoot's disgruntled cousin, etc. - to "bring down Trump."

[Bengus81]

15. Wonder if Rush could just DIE right now?

Make alot of crappy days lately seem better.

[oldsoftie]

13. Of course not. Neither will the minions or sycophants.

[ProfessorGAC]

10. Well, Not Quite All

As of 12:52 eastern, it was up 1.29% over 41 months.
That 0.84% annualized vs. an average of 12% under Obama!

[econron]

11. Donald Trump Slot Machine

In my humble opinion, Trump is like a slot machine at a casino (go figure). He's there to entertain you, convince you that you are up $1,000 on your $20 dollar bet to only hang with him until he has all your money. No emotions, no compassion, only goal is to get your money. We need some of the MAGA's to call 1-800 Bets Off so we can close down the Casino.

[oldsoftie]

12. Well, looks like he wont be running on THAT now. Which doesnt leave much....

[LudwigPastorius]

18. Frightening, in itself, because...

his only option is beginning to appear to be leverage this crisis to stay in power illegally.

Trump and Barr are already trying to lay the groundwork.

I can foresee a case in which he tries to issue an edict to delay the election...most states will obviously not comply, but even if a few do in the interest of 'public safety', that's all he needs. Trump just wants chaos and doubt about the results next November.

If you thought Bush v. Gore was a clown show in a burning dumpster, get ready.

[oldsoftie]

20. he cant delay the elections by himself, it would take an act of Congress.

From what I read earlier:
https://thehill.com/opinion/campaign/488849-have-no-fear-the-general-election-will-move-forward

[Bengus81]

14. Bounced back up but it'll will hit it again

Especially if Donnie do Nothing keeps pimping his plan to do away with lock downs in 15 days.

[Firestorm49]

16. The art of the deal, huh? The greatest businessman in the world, huh? The man's a menace.

[LudwigPastorius]

17. I'm used to the stock market ending down after Republican administrations.

This is not the way I expected it to happen, but given Trump's incompetence, needless tax cuts, ballooning deficit, and ego trade wars, I did expect him to destroy the economy before he was done.

[CountAllVotes]

19. Most of the 1% took their profits and sold last year

At least that is what the pukes I know did.

They were going to take some of their massive profits (now in low paying CDs) and go on an extended vacation abroad to Italy. That didn't quite happen.

I've been sending a COVID-19 newsletter to "friends" during this time we are in to educate others about it for it is something that I CAN do given the advanced educational skills that I possess in the field of writing and research. I was told to stop sending it to these people because their were tired of hearing about this hoax of a simple flu.

The woman of this household is knitting while being required to stay at home to stay busy.

I wrote her back and told her that being she has a load of fabric scraps, she should set-up that fancy new sewing machine that she bought and do what good American citizens do during times like this and that is finding ways to HELP fellow Americans. In her case, she could be whipping out masks on her fancy new machine and donate them to places that are in dire need of them.

I did not receive a reply to my thoughtful suggestion.

She prefers to sit home and knit and wait, wait for the stock market to recover so they can buy buy buy when it comes back. Living in a world of denial allows one to ignore and reject reality while others die. Believing that this is a hoax and that the stock will be up and running full speed ahead very soon is a fantasy. When will she will she admit what a grave error of judgment she has made if ever?

I took her off of my COVID-19 newsletter list. Ignorance is bliss for many!

!!!!!!!!

& recommend!

[keithbvadu2]

21. The Trump economy. Republicans need to hear that - often.

The Trump economy.

Republicans need to hear that - often.

[thucythucy]

23. That, and "the Trump virus." nt

[roamer65]

22. I started the first tranche of buying today.

Will wait a few days and see where it goes. If it goes lower I’ll buy more so I can cost average.

Unlimited QE means massive reinflation.

[greenjar_01]

24. Oh for God's sake

[ck4829]

25. Kick